June 10, 2016

The SEC announced fraud charges and an asset freeze obtained against Thomas J. Connerton, a Connecticut man accused of misleading people into investing in his company and then taking their money for personal use.  The SEC alleges that Connerton told investors that his company, Safety Technologies LLC, was developing a material to make surgical gloves better resistant to cuts or punctures.  He claimed that several major glove manufacturers wanted the technology and his company was on the brink of imminent deals that would result in large payouts for investors in his company.  No such deals were ever close to materializing and Connerton emptied the company’s bank account by writing a series of checks to himself and using investor funds for his own expenses.  Of more than 50 investors in Safety Technologies, six were women Connerton met through online dating services, and fourteen were friends or family of those women.  SEC

Tagged in: Misrepresentations, Securities Fraud,